Innodata Lands Significant LLM Expansion with New "Big Five" Customer Announced July 18, 2023

Raises Previously Provided Guidance to $25 Million of End-of-Year Run Rate Revenue, up by $10 Million

NEW YORK, NY / ACCESSWIRE / August 29, 2023 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it is expanding its large language model (LLM) development program with the new customer it announced July 18, 2023. The customer is one of the "Big Five" global tech companies. As a result, Innodata now anticipates potentially reaching an annualized run rate of $25 million or more by the end of 2023, an increase of $10 million from the potential annualized run rate of $15 million announced on July 18, 2023.

"We are very pleased to have landed this expansion so early in our relationship with this new customer," stated Jack Abuhoff, Innodata CEO. "The customer has shared with us how pleased they are with the quality of our work and the working relationship we have quickly cultivated. We anticipate potential opportunities for further expansion in 2024."

About Innodata

Innodata (NASDAQ:INOD) is a global data engineering company delivering the promise of AI to many of the world's most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "forecast," "predict," "likely," "goals," "estimate," "plan," "potential," "promises," "possible," or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof.

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Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2023, as updated or amended by our other filings that we may make with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.

We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws.

Company Contact

Marcia Novero
Innodata Inc.
Mnovero@innodata.com
(201) 371-8015

SOURCE: Innodata Inc.